Nickel 28 Capital Corp. provided an update on mineral resources and reserves based on data (unaudited) for the Ramu Nickel-Cobalt operation ("Ramu") from the project operator; China Metallurgical Group Corporation ("MCC"). Nickel 28 currently holds an 8.56% joint-venture interest in Ramu.

Ramu is operated by MCC which, along with its partners, owns an 85.0% interest. Following repayment of the Company's construction debt owed to MCC; Nickel 28's ownership interest in Ramu will automatically increase to 11.3% at no cost to the Company. Additionally, when the Company has repaid the construction debt, the Company will have the option to purchase an additional 9.25% interest in Ramu at market value, which if exercised would take the Company's interest to 20.55%.

The updated Ramu mineral resources and reserves estimate from MCC (prepared by Sinomine Resource Group Co. Ltd, "Sinomine", which is MCC's Competent Person) includes exploration work from 2020 to 2023 and was prepared according to the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC" or the "JORC Code") by Competent Persons as defined by those guidelines. The effective date of resource and reserve estimation is December 31, 2023.

In November 2022, the Company's independent consulting firm was able to visit the Ramu facility and mine site in order to satisfy themselves regarding drilling procedures, QA/QC, and general adherence to good practice with respect to mining activities. The Company and their independent consultants are satisfied that the Sinomine report accurately represents Ramu's mineral resources and reserves.